Business
Blue Ridge Real Estate Company Completes the Sale of 284 Acres of Land
Blue Ridge Real Estate Company Completes the Sale of 284 Acres of Land.
About this update from Blue Ridge Real Estate Co.
[{"type":"text","content":"\n\n\n\nBlue Ridge Real Estate Company Completes the Sale of 284 Acres of Land\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBlue Ridge Real Estate Company Completes the Sale of 284 Acres of Land\nPR Newswire\nBLAKESLEE, Pa., Jan. 20, 2021\n\n\n\nBLAKESLEE, Pa., Jan. 20, 2021 /PRNewswire/ -- Blue Ridge Real Estate Company (OTC Pink: BRRE) announced today that the Company closed on the sale of 284 acres of land located along Route 940 in Blakeslee, PA (the \"Property\") to Exeter Industrial Drive Route 940 Land LLC (\"Exeter\") for the construction of a logistics and distribution center in Carbon County. The proceeds from the sale are to be used for general corporate purposes. \"This sale is part of Blue Ridge's strategy of unlocking the value embedded in the Company's natural resource portfolio and accretively redeploying capital to maximize shareholder value,\" said Bruce Beaty, Blue Ridge's President and Chief Executive Officer.\nAbout Blue Ridge Real Estate Company \nBlue Ridge is engaged in real estate development and land sales. At October 31, 2020, the properties of Blue Ridge and its subsidiaries consisted of approximately 9,700 acres of land located in the Pocono Mountains of Pennsylvania. Income is derived from these lands through leases, selective timbering by third parties, sales and other dispositions. For additional information on Blue Ridge, please visit the Company's website at www.brreco.com. \nSafe Harbor Statement \nThe statements in this news release state the Company's and Management's intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Compan...